India, May 6 -- Indian conglomerate Murugappa Group's electric vehicle (EV) arm, TI Clean Mobility (TICMPL), has signed a definitive agreement to raise INR 580 Cr ($69.4 Mn) in a mix of equity and compulsorily convertible preference shares (CCPS).

In a regulatory filing with the BSE, parent Tube Investments of India (TII) said that the capital will be raised from private equity (PE) firm GEF Capital via its two funds - GEF South Asia Growth Invest III and GEF South Asia EBT Trust III.

The proceeds will enable the EV company to scale up its EV offerings and offer "cleaner commercial mobility solutions".

"GEF is renowned for their commitment to environmental stewardship and their investment in TICMPL validates our vision and strengthens ...